Recent consultation responses, open letters, and papers that the UKCBC has published. Click on the titles to view:
UKCBC response to FCA Discussion Paper 24/4 : The UKCBC responded to the FCA's proposals (DP24/4), urging for a balanced, proportionate regulatory regime that fosters innovation without disadvantaging UK crypto businesses.
UKCBC response to FCA Discussion Paper 25/1: The UKCBC responded to the FCA’s Discussion Paper 25/1 on Regulating Cryptoasset Activities. The UKCBC recommends a more flexible and proportionate approach in areas such as staking, lending, and the use of credit, cautioning against blanket bans and advocating for tailored safeguards that support innovation and consumer access.
UKCBC letter calling for the inclusion of distributed ledger technology (DLT) into UK-US Tech Bridge: The UKCBC has written to the Secretary of State for Business and Trade urging the Government to make distributed ledger technology (DLT) a central part of the UK-US Tech Bridge, highlighting its potential to transform financial services, boost innovation and strengthen transatlantic markets.
UKCBC technical feedback on the regulatory regime for cryptoassets (regulated activities) – Draft SI and Policy Note: UKCBC warned that without targeted technical revisions, innovation, particularly in stablecoin payments and decentralised finance, could be stifled.
UKCBC joint letter to Varun Chandra, Special Advisor to the Prime Minister on Business & Investment: UKCBC in a joint letter to the Prime Minister’s Special Advisor urged the UK Government to prioritise blockchain and digital assets as strategic economic drivers.
UKCBC response to FCA Consultation Paper 25/14: We welcome the proposals as a positive step but identify areas for improvement to ensure clarity, flexibility, and competitiveness. Key recommendations included simplifying backing asset rules, allowing interest from backing assets to be passed to consumers, permitting regulated group entities to safeguard assets, providing flexibility on redemption timelines, and maintaining operational discretion for custodians.
UKCBC submission to FCA CP 25/28 on Fund Tokenisation: submitted evidence to the FCA with support from its members. UKCBC welcomes the regulator’s roadmap for fund tokenisation. It highlights industry backing for public blockchain use, tokenised collateral, stablecoins in settlement, and investment in tokenised assets, positioning tokenisation as vital to UK financial competitiveness.
UKCBC submission to FCA CP 25/40 on regulating cryptoasset activity: submitted evidence to this consultation making notable points around best execution, transparency, DeFi and disclosure and consent.
UKCBC responds to the Bank of England’s CP re: proposed regulatory regime for sterling denominated systemic stablecoins: recognises the Bank has moved significantly in a number of areas in order to create a regulatory framework for systemic stablecoins which offers greater flexibility and space for innovation, there remain a number of material pinch points which the UKCBC urges the Bank to reconsider
UKCBC response to PSR CP24/11: supported the proposed £85,000 cap on APP scam reimbursements, citing reduced prudential impact and increased room for innovation. UKCBC called on the Payment Systems Regulator to simplify the ambiguous definition of “account controlled by the consumer” to avoid costly disputes and regulatory uncertainty for payment firms.
UKCBC response to FCA Consultation Paper 25/15: responded to the FCA’s consultation on a prudential regime for cryptoasset firms, noting concerns that the proposals may be disproportionately stringent, insufficiently tailored to cryptoassets, and less competitive than regimes in other jurisdictions. It suggested adjustments to own funds, K-factor, and liquid asset requirements to ensure proportionality and support the participation of smaller firms.
UKCBC submission to FCA CP 25/42 on a prudential regime for cryptoasset firms: our response focuses on how the proposed capital charges are disproportionately high, based on overly conservative assumptions and insufficient justification, risk undermining UK competitiveness and driving firms overseas, and should be recalibrated to align more proportionately with international standards and the principle of same risk, same regulatory outcome.
UKCBC submission to FCA CP 26/ 4 part 2: sharing our views on the FCA’s draft rules for the application of the FCA Handbook, revised rules around safeguarding and guidance for international firms
UKCBC response to FCA Consultation Paper 25/25 : The UKCBC notes potential challenges in treating stablecoins as designated investments, particularly for payments use cases and non-customer-facing issuers. It also highlights that full operational-resilience requirements may disproportionately affect smaller firms. The UKCBC supports applying general ESG rules but considers additional sustainability disclosures unnecessary at this stage.
UKCBC responds to FCA CP 25/41 on admissions and disclosures and market abuse regime for cryptoassets: our responses focuses on how liability and disclosure requirements for cryptoasset firms should be more proportionate and flexible - including enabling third-party liability, recognising high-standard non-UK disclosures, and rebalancing market abuse and monitoring obligations so they are not overly concentrated on trading platforms, with a stronger coordinating role for the FCA.